{smcl}
{com}{sf}{ul off}{txt}{.-}
      name:  {res}<unnamed>
       {txt}log:  {res}C:\Users\conta\OneDrive\Área de Trabalho\Doutorado\Empreendedorismo, inovação e desempenho (UFSC)\Artigo Emil\Resultado final.smcl
  {txt}log type:  {res}smcl
 {txt}opened on:  {res} 2 Sep 2021, 19:39:27

{com}. regress env_in vc_mod_tot vc_mod_bras alavancagem tamanho rentabroa lucratroi Ret_da_ação gc i.year i.gics, robust

{txt}Linear regression                               Number of obs     = {res}       305
                                                {txt}F(21, 283)        =  {res}     9.38
                                                {txt}Prob > F          = {res}    0.0000
                                                {txt}R-squared         = {res}    0.2660
                                                {txt}Root MSE          =    {res} 27.581

{txt}{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 14}{c |}{col 26}    Robust
{col 1}      env_in{col 14}{c |}      Coef.{col 26}   Std. Err.{col 38}      t{col 46}   P>|t|{col 54}     [95% Con{col 67}f. Interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 2}vc_mod_tot {c |}{col 14}{res}{space 2} 3.826262{col 26}{space 2} 1.787399{col 37}{space 1}    2.14{col 46}{space 3}0.033{col 54}{space 4} .3079795{col 67}{space 3} 7.344545
{txt}{space 1}vc_mod_bras {c |}{col 14}{res}{space 2}-1.949625{col 26}{space 2} 1.861111{col 37}{space 1}   -1.05{col 46}{space 3}0.296{col 54}{space 4}-5.613002{col 67}{space 3} 1.713752
{txt}{space 1}alavancagem {c |}{col 14}{res}{space 2} 24.82676{col 26}{space 2} 9.331707{col 37}{space 1}    2.66{col 46}{space 3}0.008{col 54}{space 4}   6.4584{col 67}{space 3} 43.19513
{txt}{space 5}tamanho {c |}{col 14}{res}{space 2} 5.898311{col 26}{space 2}  1.75243{col 37}{space 1}    3.37{col 46}{space 3}0.001{col 54}{space 4} 2.448858{col 67}{space 3} 9.347763
{txt}{space 3}rentabroa {c |}{col 14}{res}{space 2} 86.45365{col 26}{space 2} 27.17148{col 37}{space 1}    3.18{col 46}{space 3}0.002{col 54}{space 4} 32.96979{col 67}{space 3} 139.9375
{txt}{space 3}lucratroi {c |}{col 14}{res}{space 2} .1705686{col 26}{space 2}  .642451{col 37}{space 1}    0.27{col 46}{space 3}0.791{col 54}{space 4} -1.09402{col 67}{space 3} 1.435158
{txt}{space 1}Ret_da_ação {c |}{col 14}{res}{space 2} .1259834{col 26}{space 2} 3.100162{col 37}{space 1}    0.04{col 46}{space 3}0.968{col 54}{space 4} -5.97632{col 67}{space 3} 6.228287
{txt}{space 10}gc {c |}{col 14}{res}{space 2}-.0551606{col 26}{space 2} .0957693{col 37}{space 1}   -0.58{col 46}{space 3}0.565{col 54}{space 4}-.2436712{col 67}{space 3}   .13335
{txt}{space 12} {c |}
{space 8}year {c |}
{space 7}2017  {c |}{col 14}{res}{space 2}-1.194325{col 26}{space 2} 4.915275{col 37}{space 1}   -0.24{col 46}{space 3}0.808{col 54}{space 4}-10.86946{col 67}{space 3} 8.480814
{txt}{space 7}2018  {c |}{col 14}{res}{space 2}-3.354083{col 26}{space 2} 5.149715{col 37}{space 1}   -0.65{col 46}{space 3}0.515{col 54}{space 4}-13.49069{col 67}{space 3} 6.782523
{txt}{space 7}2019  {c |}{col 14}{res}{space 2}-.5676669{col 26}{space 2} 5.110911{col 37}{space 1}   -0.11{col 46}{space 3}0.912{col 54}{space 4}-10.62789{col 67}{space 3} 9.492558
{txt}{space 7}2020  {c |}{col 14}{res}{space 2} 1.627616{col 26}{space 2} 5.310604{col 37}{space 1}    0.31{col 46}{space 3}0.759{col 54}{space 4} -8.82568{col 67}{space 3} 12.08091
{txt}{space 12} {c |}
{space 8}gics {c |}
{space 10}2  {c |}{col 14}{res}{space 2} -21.8148{col 26}{space 2} 10.37761{col 37}{space 1}   -2.10{col 46}{space 3}0.036{col 54}{space 4}-42.24191{col 67}{space 3}-1.387689
{txt}{space 10}3  {c |}{col 14}{res}{space 2}-16.88035{col 26}{space 2}  10.6152{col 37}{space 1}   -1.59{col 46}{space 3}0.113{col 54}{space 4}-37.77511{col 67}{space 3} 4.014413
{txt}{space 10}4  {c |}{col 14}{res}{space 2}-32.18792{col 26}{space 2} 9.693756{col 37}{space 1}   -3.32{col 46}{space 3}0.001{col 54}{space 4}-51.26893{col 67}{space 3}-13.10691
{txt}{space 10}5  {c |}{col 14}{res}{space 2}-31.72375{col 26}{space 2} 10.03625{col 37}{space 1}   -3.16{col 46}{space 3}0.002{col 54}{space 4}-51.47892{col 67}{space 3}-11.96859
{txt}{space 10}6  {c |}{col 14}{res}{space 2}-29.08727{col 26}{space 2} 11.36439{col 37}{space 1}   -2.56{col 46}{space 3}0.011{col 54}{space 4}-51.45674{col 67}{space 3}-6.717814
{txt}{space 10}7  {c |}{col 14}{res}{space 2}-28.89628{col 26}{space 2} 14.99284{col 37}{space 1}   -1.93{col 46}{space 3}0.055{col 54}{space 4}-58.40793{col 67}{space 3} .6153598
{txt}{space 10}8  {c |}{col 14}{res}{space 2}-20.44895{col 26}{space 2} 9.986633{col 37}{space 1}   -2.05{col 46}{space 3}0.042{col 54}{space 4}-40.10646{col 67}{space 3}-.7914423
{txt}{space 10}9  {c |}{col 14}{res}{space 2}-4.466924{col 26}{space 2} 13.70294{col 37}{space 1}   -0.33{col 46}{space 3}0.745{col 54}{space 4}-31.43954{col 67}{space 3} 22.50569
{txt}{space 9}10  {c |}{col 14}{res}{space 2} 1.114291{col 26}{space 2} 10.64277{col 37}{space 1}    0.10{col 46}{space 3}0.917{col 54}{space 4}-19.83474{col 67}{space 3} 22.06332
{txt}{space 12} {c |}
{space 7}_cons {c |}{col 14}{res}{space 2}-118.0346{col 26}{space 2} 45.08174{col 37}{space 1}   -2.62{col 46}{space 3}0.009{col 54}{space 4}-206.7727{col 67}{space 3}-29.29656
{txt}{hline 13}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{com}. vif

{txt}    Variable {c |}       VIF       1/VIF  
{hline 13}{c +}{hline 22}
{space 2}vc_mod_tot {c |} {res}     2.77    0.361040
{txt}{space 1}vc_mod_bras {c |} {res}     2.36    0.424602
{txt}{space 1}alavancagem {c |} {res}     2.31    0.433585
{txt}{space 5}tamanho {c |} {res}     1.85    0.540494
{txt}{space 3}rentabroa {c |} {res}     2.01    0.496986
{txt}{space 3}lucratroi {c |} {res}     1.10    0.905900
{txt}{space 1}Ret_da_ação {c |} {res}     1.36    0.736673
{txt}{space 10}gc {c |} {res}     1.21    0.823079
{txt}{space 8}year {c |}
{space 7}2017  {c |} {res}     1.67    0.598346
{txt}{space 7}2018  {c |} {res}     1.86    0.537584
{txt}{space 7}2019  {c |} {res}     1.86    0.538545
{txt}{space 7}2020  {c |} {res}     1.95    0.511841
{txt}{space 8}gics {c |}
{space 10}2  {c |} {res}     6.41    0.156033
{txt}{space 10}3  {c |} {res}     5.10    0.195995
{txt}{space 10}4  {c |} {res}     3.05    0.328142
{txt}{space 10}5  {c |} {res}     2.97    0.336855
{txt}{space 10}6  {c |} {res}     5.92    0.168790
{txt}{space 10}7  {c |} {res}     2.17    0.460602
{txt}{space 10}8  {c |} {res}     5.00    0.200067
{txt}{space 10}9  {c |} {res}     2.54    0.394251
{txt}{space 9}10  {c |} {res}     5.83    0.171495
{txt}{hline 13}{c +}{hline 22}
    Mean VIF {c |} {res}     2.92

{com}. dwstat

{txt}Number of gaps in sample:  {res}39

{txt}Durbin-Watson d-statistic({res} 22{txt},{res}   305{txt}) = {res}   2.1743

{com}. estat hettest
{err}hettest not appropriate after robust cluster()
{txt}{search r(498), local:r(498);}

{com}. regress env_in vc_mod_tot vc_mod_bras alavancagem tamanho rentabroa lucratroi Ret_da_ação gc i.year i.gics

{txt}      Source {c |}       SS           df       MS      Number of obs   ={res}       305
{txt}{hline 13}{c +}{hline 34}   F(21, 283)      = {res}     4.88
{txt}       Model {c |} {res} 78025.8511        21  3715.51672   {txt}Prob > F        ={res}    0.0000
{txt}    Residual {c |} {res} 215283.927       283   760.72059   {txt}R-squared       ={res}    0.2660
{txt}{hline 13}{c +}{hline 34}   Adj R-squared   ={res}    0.2116
{txt}       Total {c |} {res} 293309.778       304  964.834796   {txt}Root MSE        =   {res} 27.581

{txt}{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 1}      env_in{col 14}{c |}      Coef.{col 26}   Std. Err.{col 38}      t{col 46}   P>|t|{col 54}     [95% Con{col 67}f. Interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 2}vc_mod_tot {c |}{col 14}{res}{space 2} 3.826262{col 26}{space 2} 1.830797{col 37}{space 1}    2.09{col 46}{space 3}0.038{col 54}{space 4} .2225539{col 67}{space 3} 7.429971
{txt}{space 1}vc_mod_bras {c |}{col 14}{res}{space 2}-1.949625{col 26}{space 2} 1.655148{col 37}{space 1}   -1.18{col 46}{space 3}0.240{col 54}{space 4}-5.207588{col 67}{space 3} 1.308338
{txt}{space 1}alavancagem {c |}{col 14}{res}{space 2} 24.82676{col 26}{space 2} 9.801859{col 37}{space 1}    2.53{col 46}{space 3}0.012{col 54}{space 4} 5.532961{col 67}{space 3} 44.12057
{txt}{space 5}tamanho {c |}{col 14}{res}{space 2} 5.898311{col 26}{space 2} 1.870609{col 37}{space 1}    3.15{col 46}{space 3}0.002{col 54}{space 4} 2.216237{col 67}{space 3} 9.580384
{txt}{space 3}rentabroa {c |}{col 14}{res}{space 2} 86.45365{col 26}{space 2} 30.13681{col 37}{space 1}    2.87{col 46}{space 3}0.004{col 54}{space 4}  27.1329{col 67}{space 3} 145.7744
{txt}{space 3}lucratroi {c |}{col 14}{res}{space 2} .1705686{col 26}{space 2} 1.019758{col 37}{space 1}    0.17{col 46}{space 3}0.867{col 54}{space 4}-1.836704{col 67}{space 3} 2.177841
{txt}{space 1}Ret_da_ação {c |}{col 14}{res}{space 2} .1259834{col 26}{space 2} 3.259307{col 37}{space 1}    0.04{col 46}{space 3}0.969{col 54}{space 4}-6.289577{col 67}{space 3} 6.541544
{txt}{space 10}gc {c |}{col 14}{res}{space 2}-.0551606{col 26}{space 2} .0836582{col 37}{space 1}   -0.66{col 46}{space 3}0.510{col 54}{space 4}-.2198318{col 67}{space 3} .1095107
{txt}{space 12} {c |}
{space 8}year {c |}
{space 7}2017  {c |}{col 14}{res}{space 2}-1.194325{col 26}{space 2} 5.348754{col 37}{space 1}   -0.22{col 46}{space 3}0.823{col 54}{space 4}-11.72272{col 67}{space 3} 9.334066
{txt}{space 7}2018  {c |}{col 14}{res}{space 2}-3.354083{col 26}{space 2} 5.320609{col 37}{space 1}   -0.63{col 46}{space 3}0.529{col 54}{space 4}-13.82707{col 67}{space 3} 7.118908
{txt}{space 7}2019  {c |}{col 14}{res}{space 2}-.5676669{col 26}{space 2} 5.197872{col 37}{space 1}   -0.11{col 46}{space 3}0.913{col 54}{space 4}-10.79906{col 67}{space 3}  9.66373
{txt}{space 7}2020  {c |}{col 14}{res}{space 2} 1.627616{col 26}{space 2} 5.303546{col 37}{space 1}    0.31{col 46}{space 3}0.759{col 54}{space 4}-8.811788{col 67}{space 3} 12.06702
{txt}{space 12} {c |}
{space 8}gics {c |}
{space 10}2  {c |}{col 14}{res}{space 2} -21.8148{col 26}{space 2}  10.2563{col 37}{space 1}   -2.13{col 46}{space 3}0.034{col 54}{space 4}-42.00311{col 67}{space 3}-1.626481
{txt}{space 10}3  {c |}{col 14}{res}{space 2}-16.88035{col 26}{space 2} 10.45795{col 37}{space 1}   -1.61{col 46}{space 3}0.108{col 54}{space 4}-37.46559{col 67}{space 3} 3.704893
{txt}{space 10}4  {c |}{col 14}{res}{space 2}-32.18792{col 26}{space 2} 11.13767{col 37}{space 1}   -2.89{col 46}{space 3}0.004{col 54}{space 4}-54.11111{col 67}{space 3}-10.26472
{txt}{space 10}5  {c |}{col 14}{res}{space 2}-31.72375{col 26}{space 2} 11.86098{col 37}{space 1}   -2.67{col 46}{space 3}0.008{col 54}{space 4}-55.07069{col 67}{space 3}-8.376811
{txt}{space 10}6  {c |}{col 14}{res}{space 2}-29.08727{col 26}{space 2}  11.3877{col 37}{space 1}   -2.55{col 46}{space 3}0.011{col 54}{space 4}-51.50262{col 67}{space 3}-6.671927
{txt}{space 10}7  {c |}{col 14}{res}{space 2}-28.89628{col 26}{space 2} 13.06739{col 37}{space 1}   -2.21{col 46}{space 3}0.028{col 54}{space 4}-54.61789{col 67}{space 3}-3.174672
{txt}{space 10}8  {c |}{col 14}{res}{space 2}-20.44895{col 26}{space 2} 10.14588{col 37}{space 1}   -2.02{col 46}{space 3}0.045{col 54}{space 4}-40.41992{col 67}{space 3}-.4779776
{txt}{space 10}9  {c |}{col 14}{res}{space 2}-4.466924{col 26}{space 2} 12.01893{col 37}{space 1}   -0.37{col 46}{space 3}0.710{col 54}{space 4}-28.12477{col 67}{space 3} 19.19092
{txt}{space 9}10  {c |}{col 14}{res}{space 2} 1.114291{col 26}{space 2} 10.06465{col 37}{space 1}    0.11{col 46}{space 3}0.912{col 54}{space 4}-18.69679{col 67}{space 3} 20.92537
{txt}{space 12} {c |}
{space 7}_cons {c |}{col 14}{res}{space 2}-118.0346{col 26}{space 2} 47.55355{col 37}{space 1}   -2.48{col 46}{space 3}0.014{col 54}{space 4}-211.6382{col 67}{space 3}-24.43108
{txt}{hline 13}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{com}. estat hettest

{txt}Breusch-Pagan / Cook-Weisberg test for heteroskedasticity 
         Ho: Constant variance
{p 9 20}Variables: fitted values of env_in

{col 10}chi2({res}1{txt}){col 23}={res}    29.65
{txt}{col 10}Prob > chi2{col 23}={res}   0.0000

{com}. imtest, white

{txt}White's test for Ho: homoskedasticity
         against Ha: unrestricted heteroskedasticity

{col 10}chi2({res}188{txt}){col 23}= {res}   235.57
{col 10}{txt}Prob > chi2  = {res}   0.0105

{txt}Cameron & Trivedi's decomposition of IM-test

{hline 21}{c TT}{hline 29}
{ralign 20:Source} {c |}       chi2     df      p
{hline 21}{c +}{hline 29}
{ralign 20:Heteroskedasticity} {c |}{res}     235.57    188    0.0105
{txt}{ralign 20:Skewness} {c |}{res}      69.99     21    0.0000
{txt}{ralign 20:Kurtosis} {c |}{res}       0.93      1    0.3340
{txt}{hline 21}{c +}{hline 29}
{ralign 20:Total} {c |}{res}     306.50    210    0.0000
{txt}{hline 21}{c BT}{hline 29}

{com}. predict Erro, r
{txt}(45 missing values generated)

{com}. sktest Erro
{res}
{col 21}{txt}Skewness/Kurtosis tests for Normality
{col 59}{hline 6} joint {hline 6}
{col 5}Variable {c |}        Obs  Pr(Skewness)  Pr(Kurtosis) adj chi2(2)   Prob>chi2
{hline 13}{c +}{hline 63}
        Erro {c |}{res}{col 16}       305{col 31}0.0001{col 45}0.5683{col 54}    14.13{col 72}0.0009

{com}. regress env_in vc_mod_tot vc_mod_bras gc i.year i.gics, robust

{txt}Linear regression                               Number of obs     = {res}       309
                                                {txt}F(16, 292)        =  {res}    11.54
                                                {txt}Prob > F          = {res}    0.0000
                                                {txt}R-squared         = {res}    0.2155
                                                {txt}Root MSE          =    {res} 28.171

{txt}{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 14}{c |}{col 26}    Robust
{col 1}      env_in{col 14}{c |}      Coef.{col 26}   Std. Err.{col 38}      t{col 46}   P>|t|{col 54}     [95% Con{col 67}f. Interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 2}vc_mod_tot {c |}{col 14}{res}{space 2} 5.283107{col 26}{space 2} 1.776871{col 37}{space 1}    2.97{col 46}{space 3}0.003{col 54}{space 4} 1.786009{col 67}{space 3} 8.780206
{txt}{space 1}vc_mod_bras {c |}{col 14}{res}{space 2}-1.318468{col 26}{space 2} 1.765559{col 37}{space 1}   -0.75{col 46}{space 3}0.456{col 54}{space 4}-4.793302{col 67}{space 3} 2.156365
{txt}{space 10}gc {c |}{col 14}{res}{space 2}-.0394729{col 26}{space 2} .0936351{col 37}{space 1}   -0.42{col 46}{space 3}0.674{col 54}{space 4}-.2237582{col 67}{space 3} .1448123
{txt}{space 12} {c |}
{space 8}year {c |}
{space 7}2017  {c |}{col 14}{res}{space 2}-1.779209{col 26}{space 2} 5.058809{col 37}{space 1}   -0.35{col 46}{space 3}0.725{col 54}{space 4}-11.73556{col 67}{space 3} 8.177141
{txt}{space 7}2018  {c |}{col 14}{res}{space 2}  -2.3866{col 26}{space 2}    5.145{col 37}{space 1}   -0.46{col 46}{space 3}0.643{col 54}{space 4}-12.51258{col 67}{space 3} 7.739384
{txt}{space 7}2019  {c |}{col 14}{res}{space 2} .6136697{col 26}{space 2} 5.258762{col 37}{space 1}    0.12{col 46}{space 3}0.907{col 54}{space 4}-9.736212{col 67}{space 3} 10.96355
{txt}{space 7}2020  {c |}{col 14}{res}{space 2} 2.465185{col 26}{space 2} 5.227975{col 37}{space 1}    0.47{col 46}{space 3}0.638{col 54}{space 4}-7.824104{col 67}{space 3} 12.75447
{txt}{space 12} {c |}
{space 8}gics {c |}
{space 10}2  {c |}{col 14}{res}{space 2}-27.35791{col 26}{space 2}   9.6008{col 37}{space 1}   -2.85{col 46}{space 3}0.005{col 54}{space 4}-46.25345{col 67}{space 3}-8.462375
{txt}{space 10}3  {c |}{col 14}{res}{space 2}-16.04858{col 26}{space 2} 10.29554{col 37}{space 1}   -1.56{col 46}{space 3}0.120{col 54}{space 4}-36.31144{col 67}{space 3} 4.214291
{txt}{space 10}4  {c |}{col 14}{res}{space 2}-30.20426{col 26}{space 2} 9.236989{col 37}{space 1}   -3.27{col 46}{space 3}0.001{col 54}{space 4}-48.38377{col 67}{space 3}-12.02474
{txt}{space 10}5  {c |}{col 14}{res}{space 2}-39.60148{col 26}{space 2} 9.021472{col 37}{space 1}   -4.39{col 46}{space 3}0.000{col 54}{space 4}-57.35683{col 67}{space 3}-21.84613
{txt}{space 10}6  {c |}{col 14}{res}{space 2}-32.43783{col 26}{space 2} 9.696106{col 37}{space 1}   -3.35{col 46}{space 3}0.001{col 54}{space 4}-51.52094{col 67}{space 3}-13.35472
{txt}{space 10}7  {c |}{col 14}{res}{space 2}-32.23325{col 26}{space 2} 12.19814{col 37}{space 1}   -2.64{col 46}{space 3}0.009{col 54}{space 4}-56.24068{col 67}{space 3}-8.225815
{txt}{space 10}8  {c |}{col 14}{res}{space 2}-21.31682{col 26}{space 2} 9.777414{col 37}{space 1}   -2.18{col 46}{space 3}0.030{col 54}{space 4}-40.55995{col 67}{space 3}-2.073677
{txt}{space 10}9  {c |}{col 14}{res}{space 2}-13.20535{col 26}{space 2} 13.07638{col 37}{space 1}   -1.01{col 46}{space 3}0.313{col 54}{space 4}-38.94127{col 67}{space 3} 12.53056
{txt}{space 9}10  {c |}{col 14}{res}{space 2} 3.027027{col 26}{space 2} 10.36736{col 37}{space 1}    0.29{col 46}{space 3}0.771{col 54}{space 4} -17.3772{col 67}{space 3} 23.43125
{txt}{space 12} {c |}
{space 7}_cons {c |}{col 14}{res}{space 2} 39.92141{col 26}{space 2} 11.02478{col 37}{space 1}    3.62{col 46}{space 3}0.000{col 54}{space 4}  18.2233{col 67}{space 3} 61.61952
{txt}{hline 13}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{com}. vif

{txt}    Variable {c |}       VIF       1/VIF  
{hline 13}{c +}{hline 22}
{space 2}vc_mod_tot {c |} {res}     2.56    0.390285
{txt}{space 1}vc_mod_bras {c |} {res}     2.28    0.438084
{txt}{space 10}gc {c |} {res}     1.21    0.828762
{txt}{space 8}year {c |}
{space 7}2017  {c |} {res}     1.68    0.596797
{txt}{space 7}2018  {c |} {res}     1.78    0.562826
{txt}{space 7}2019  {c |} {res}     1.81    0.551650
{txt}{space 7}2020  {c |} {res}     1.83    0.546244
{txt}{space 8}gics {c |}
{space 10}2  {c |} {res}     5.55    0.180269
{txt}{space 10}3  {c |} {res}     4.65    0.215034
{txt}{space 10}4  {c |} {res}     2.87    0.348020
{txt}{space 10}5  {c |} {res}     2.71    0.368695
{txt}{space 10}6  {c |} {res}     4.67    0.214119
{txt}{space 10}7  {c |} {res}     1.99    0.502978
{txt}{space 10}8  {c |} {res}     4.88    0.205061
{txt}{space 10}9  {c |} {res}     2.36    0.424490
{txt}{space 9}10  {c |} {res}     5.33    0.187752
{txt}{hline 13}{c +}{hline 22}
    Mean VIF {c |} {res}     3.01

{com}. regress env_in vc_mod_tot vc_mod_bras gc i.year i.gics

{txt}      Source {c |}       SS           df       MS      Number of obs   ={res}       309
{txt}{hline 13}{c +}{hline 34}   F(16, 292)      = {res}     5.01
{txt}       Model {c |} {res} 63656.1209        16  3978.50756   {txt}Prob > F        ={res}    0.0000
{txt}    Residual {c |} {res}  231733.01       292    793.6062   {txt}R-squared       ={res}    0.2155
{txt}{hline 13}{c +}{hline 34}   Adj R-squared   ={res}    0.1725
{txt}       Total {c |} {res} 295389.131       308  959.055621   {txt}Root MSE        =   {res} 28.171

{txt}{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 1}      env_in{col 14}{c |}      Coef.{col 26}   Std. Err.{col 38}      t{col 46}   P>|t|{col 54}     [95% Con{col 67}f. Interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 2}vc_mod_tot {c |}{col 14}{res}{space 2} 5.283107{col 26}{space 2} 1.791327{col 37}{space 1}    2.95{col 46}{space 3}0.003{col 54}{space 4} 1.757558{col 67}{space 3} 8.808657
{txt}{space 1}vc_mod_bras {c |}{col 14}{res}{space 2}-1.318468{col 26}{space 2} 1.661176{col 37}{space 1}   -0.79{col 46}{space 3}0.428{col 54}{space 4}-4.587864{col 67}{space 3} 1.950928
{txt}{space 10}gc {c |}{col 14}{res}{space 2}-.0394729{col 26}{space 2} .0836001{col 37}{space 1}   -0.47{col 46}{space 3}0.637{col 54}{space 4} -.204008{col 67}{space 3} .1250621
{txt}{space 12} {c |}
{space 8}year {c |}
{space 7}2017  {c |}{col 14}{res}{space 2}-1.779209{col 26}{space 2} 5.385353{col 37}{space 1}   -0.33{col 46}{space 3}0.741{col 54}{space 4}-12.37824{col 67}{space 3} 8.819819
{txt}{space 7}2018  {c |}{col 14}{res}{space 2}  -2.3866{col 26}{space 2} 5.271347{col 37}{space 1}   -0.45{col 46}{space 3}0.651{col 54}{space 4}-12.76125{col 67}{space 3} 7.988051
{txt}{space 7}2019  {c |}{col 14}{res}{space 2} .6136697{col 26}{space 2} 5.236061{col 37}{space 1}    0.12{col 46}{space 3}0.907{col 54}{space 4}-9.691535{col 67}{space 3} 10.91887
{txt}{space 7}2020  {c |}{col 14}{res}{space 2} 2.465185{col 26}{space 2}   5.2339{col 37}{space 1}    0.47{col 46}{space 3}0.638{col 54}{space 4}-7.835767{col 67}{space 3} 12.76614
{txt}{space 12} {c |}
{space 8}gics {c |}
{space 10}2  {c |}{col 14}{res}{space 2}-27.35791{col 26}{space 2} 9.731574{col 37}{space 1}   -2.81{col 46}{space 3}0.005{col 54}{space 4}-46.51083{col 67}{space 3}-8.204996
{txt}{space 10}3  {c |}{col 14}{res}{space 2}-16.04858{col 26}{space 2} 10.08436{col 37}{space 1}   -1.59{col 46}{space 3}0.113{col 54}{space 4}-35.89582{col 67}{space 3} 3.798667
{txt}{space 10}4  {c |}{col 14}{res}{space 2}-30.20426{col 26}{space 2} 11.04119{col 37}{space 1}   -2.74{col 46}{space 3}0.007{col 54}{space 4}-51.93467{col 67}{space 3}-8.473847
{txt}{space 10}5  {c |}{col 14}{res}{space 2}-39.60148{col 26}{space 2} 11.26848{col 37}{space 1}   -3.51{col 46}{space 3}0.001{col 54}{space 4}-61.77922{col 67}{space 3}-17.42374
{txt}{space 10}6  {c |}{col 14}{res}{space 2}-32.43783{col 26}{space 2} 10.31687{col 37}{space 1}   -3.14{col 46}{space 3}0.002{col 54}{space 4}-52.74269{col 67}{space 3}-12.13297
{txt}{space 10}7  {c |}{col 14}{res}{space 2}-32.23325{col 26}{space 2} 12.76944{col 37}{space 1}   -2.52{col 46}{space 3}0.012{col 54}{space 4}-57.36505{col 67}{space 3}-7.101444
{txt}{space 10}8  {c |}{col 14}{res}{space 2}-21.31682{col 26}{space 2} 10.03303{col 37}{space 1}   -2.12{col 46}{space 3}0.034{col 54}{space 4}-41.06303{col 67}{space 3}-1.570604
{txt}{space 10}9  {c |}{col 14}{res}{space 2}-13.20535{col 26}{space 2} 11.82696{col 37}{space 1}   -1.12{col 46}{space 3}0.265{col 54}{space 4}-36.48225{col 67}{space 3} 10.07154
{txt}{space 9}10  {c |}{col 14}{res}{space 2} 3.027027{col 26}{space 2} 9.811404{col 37}{space 1}    0.31{col 46}{space 3}0.758{col 54}{space 4}-16.28301{col 67}{space 3} 22.33706
{txt}{space 12} {c |}
{space 7}_cons {c |}{col 14}{res}{space 2} 39.92141{col 26}{space 2} 10.87957{col 37}{space 1}    3.67{col 46}{space 3}0.000{col 54}{space 4}  18.5091{col 67}{space 3} 61.33372
{txt}{hline 13}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{com}. dwstat

{txt}Number of gaps in sample:  {res}38

{txt}Durbin-Watson d-statistic({res} 17{txt},{res}   309{txt}) = {res} 2.117277

{com}. regress env_in vc_mod_tot vc_mod_bras i.year i.gics

{txt}      Source {c |}       SS           df       MS      Number of obs   ={res}       309
{txt}{hline 13}{c +}{hline 34}   F(15, 293)      = {res}     5.35
{txt}       Model {c |} {res} 63479.1954        15  4231.94636   {txt}Prob > F        ={res}    0.0000
{txt}    Residual {c |} {res} 231909.936       293  791.501488   {txt}R-squared       ={res}    0.2149
{txt}{hline 13}{c +}{hline 34}   Adj R-squared   ={res}    0.1747
{txt}       Total {c |} {res} 295389.131       308  959.055621   {txt}Root MSE        =   {res} 28.134

{txt}{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 1}      env_in{col 14}{c |}      Coef.{col 26}   Std. Err.{col 38}      t{col 46}   P>|t|{col 54}     [95% Con{col 67}f. Interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 2}vc_mod_tot {c |}{col 14}{res}{space 2} 5.177889{col 26}{space 2} 1.775054{col 37}{space 1}    2.92{col 46}{space 3}0.004{col 54}{space 4} 1.684417{col 67}{space 3} 8.671361
{txt}{space 1}vc_mod_bras {c |}{col 14}{res}{space 2} -1.40515{col 26}{space 2}  1.64881{col 37}{space 1}   -0.85{col 46}{space 3}0.395{col 54}{space 4}-4.650161{col 67}{space 3} 1.839862
{txt}{space 12} {c |}
{space 8}year {c |}
{space 7}2017  {c |}{col 14}{res}{space 2}-1.801406{col 26}{space 2} 5.378002{col 37}{space 1}   -0.33{col 46}{space 3}0.738{col 54}{space 4}-12.38582{col 67}{space 3} 8.783004
{txt}{space 7}2018  {c |}{col 14}{res}{space 2}-2.290153{col 26}{space 2} 5.260399{col 37}{space 1}   -0.44{col 46}{space 3}0.664{col 54}{space 4}-12.64311{col 67}{space 3} 8.062804
{txt}{space 7}2019  {c |}{col 14}{res}{space 2} .5475743{col 26}{space 2} 5.227244{col 37}{space 1}    0.10{col 46}{space 3}0.917{col 54}{space 4}-9.740131{col 67}{space 3} 10.83528
{txt}{space 7}2020  {c |}{col 14}{res}{space 2} 2.345405{col 26}{space 2} 5.220812{col 37}{space 1}    0.45{col 46}{space 3}0.654{col 54}{space 4}-7.929641{col 67}{space 3} 12.62045
{txt}{space 12} {c |}
{space 8}gics {c |}
{space 10}2  {c |}{col 14}{res}{space 2}-26.83995{col 26}{space 2} 9.656715{col 37}{space 1}   -2.78{col 46}{space 3}0.006{col 54}{space 4}-45.84527{col 67}{space 3}-7.834633
{txt}{space 10}3  {c |}{col 14}{res}{space 2}-15.32787{col 26}{space 2} 9.954946{col 37}{space 1}   -1.54{col 46}{space 3}0.125{col 54}{space 4}-34.92014{col 67}{space 3} 4.264388
{txt}{space 10}4  {c |}{col 14}{res}{space 2}-29.50854{col 26}{space 2} 10.92791{col 37}{space 1}   -2.70{col 46}{space 3}0.007{col 54}{space 4}-51.01569{col 67}{space 3}-8.001382
{txt}{space 10}5  {c |}{col 14}{res}{space 2}-38.79858{col 26}{space 2} 11.12466{col 37}{space 1}   -3.49{col 46}{space 3}0.001{col 54}{space 4}-60.69295{col 67}{space 3}-16.90421
{txt}{space 10}6  {c |}{col 14}{res}{space 2}-31.69306{col 26}{space 2} 10.18205{col 37}{space 1}   -3.11{col 46}{space 3}0.002{col 54}{space 4}-51.73229{col 67}{space 3}-11.65383
{txt}{space 10}7  {c |}{col 14}{res}{space 2}-32.69023{col 26}{space 2} 12.71581{col 37}{space 1}   -2.57{col 46}{space 3}0.011{col 54}{space 4}-57.71613{col 67}{space 3}-7.664325
{txt}{space 10}8  {c |}{col 14}{res}{space 2}-20.62759{col 26}{space 2} 9.913096{col 37}{space 1}   -2.08{col 46}{space 3}0.038{col 54}{space 4}-40.13749{col 67}{space 3}-1.117685
{txt}{space 10}9  {c |}{col 14}{res}{space 2}-12.41155{col 26}{space 2} 11.69132{col 37}{space 1}   -1.06{col 46}{space 3}0.289{col 54}{space 4}-35.42117{col 67}{space 3} 10.59807
{txt}{space 9}10  {c |}{col 14}{res}{space 2} 3.591044{col 26}{space 2} 9.725493{col 37}{space 1}    0.37{col 46}{space 3}0.712{col 54}{space 4}-15.54964{col 67}{space 3} 22.73172
{txt}{space 12} {c |}
{space 7}_cons {c |}{col 14}{res}{space 2} 37.44648{col 26}{space 2} 9.520956{col 37}{space 1}    3.93{col 46}{space 3}0.000{col 54}{space 4} 18.70834{col 67}{space 3} 56.18461
{txt}{hline 13}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{com}. vif

{txt}    Variable {c |}       VIF       1/VIF  
{hline 13}{c +}{hline 22}
{space 2}vc_mod_tot {c |} {res}     2.52    0.396420
{txt}{space 1}vc_mod_bras {c |} {res}     2.25    0.443501
{txt}{space 8}year {c |}
{space 7}2017  {c |} {res}     1.68    0.596843
{txt}{space 7}2018  {c |} {res}     1.77    0.563672
{txt}{space 7}2019  {c |} {res}     1.81    0.552045
{txt}{space 7}2020  {c |} {res}     1.83    0.547530
{txt}{space 8}gics {c |}
{space 10}2  {c |} {res}     5.48    0.182590
{txt}{space 10}3  {c |} {res}     4.54    0.220076
{txt}{space 10}4  {c |} {res}     2.82    0.354330
{txt}{space 10}5  {c |} {res}     2.65    0.377287
{txt}{space 10}6  {c |} {res}     4.56    0.219244
{txt}{space 10}7  {c |} {res}     1.98    0.505884
{txt}{space 10}8  {c |} {res}     4.77    0.209496
{txt}{space 10}9  {c |} {res}     2.31    0.433244
{txt}{space 9}10  {c |} {res}     5.25    0.190577
{txt}{hline 13}{c +}{hline 22}
    Mean VIF {c |} {res}     3.08

{com}. dwstat

{txt}Number of gaps in sample:  {res}38

{txt}Durbin-Watson d-statistic({res} 16{txt},{res}   309{txt}) = {res} 2.111898

{com}. regress env_in vc_mod_tot vc_mod_bras alavancagem tamanho rentabroa lucratroi Ret_da_ação gc i.year i.gics

{txt}      Source {c |}       SS           df       MS      Number of obs   ={res}       305
{txt}{hline 13}{c +}{hline 34}   F(21, 283)      = {res}     4.88
{txt}       Model {c |} {res} 78025.8511        21  3715.51672   {txt}Prob > F        ={res}    0.0000
{txt}    Residual {c |} {res} 215283.927       283   760.72059   {txt}R-squared       ={res}    0.2660
{txt}{hline 13}{c +}{hline 34}   Adj R-squared   ={res}    0.2116
{txt}       Total {c |} {res} 293309.778       304  964.834796   {txt}Root MSE        =   {res} 27.581

{txt}{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 1}      env_in{col 14}{c |}      Coef.{col 26}   Std. Err.{col 38}      t{col 46}   P>|t|{col 54}     [95% Con{col 67}f. Interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 2}vc_mod_tot {c |}{col 14}{res}{space 2} 3.826262{col 26}{space 2} 1.830797{col 37}{space 1}    2.09{col 46}{space 3}0.038{col 54}{space 4} .2225539{col 67}{space 3} 7.429971
{txt}{space 1}vc_mod_bras {c |}{col 14}{res}{space 2}-1.949625{col 26}{space 2} 1.655148{col 37}{space 1}   -1.18{col 46}{space 3}0.240{col 54}{space 4}-5.207588{col 67}{space 3} 1.308338
{txt}{space 1}alavancagem {c |}{col 14}{res}{space 2} 24.82676{col 26}{space 2} 9.801859{col 37}{space 1}    2.53{col 46}{space 3}0.012{col 54}{space 4} 5.532961{col 67}{space 3} 44.12057
{txt}{space 5}tamanho {c |}{col 14}{res}{space 2} 5.898311{col 26}{space 2} 1.870609{col 37}{space 1}    3.15{col 46}{space 3}0.002{col 54}{space 4} 2.216237{col 67}{space 3} 9.580384
{txt}{space 3}rentabroa {c |}{col 14}{res}{space 2} 86.45365{col 26}{space 2} 30.13681{col 37}{space 1}    2.87{col 46}{space 3}0.004{col 54}{space 4}  27.1329{col 67}{space 3} 145.7744
{txt}{space 3}lucratroi {c |}{col 14}{res}{space 2} .1705686{col 26}{space 2} 1.019758{col 37}{space 1}    0.17{col 46}{space 3}0.867{col 54}{space 4}-1.836704{col 67}{space 3} 2.177841
{txt}{space 1}Ret_da_ação {c |}{col 14}{res}{space 2} .1259834{col 26}{space 2} 3.259307{col 37}{space 1}    0.04{col 46}{space 3}0.969{col 54}{space 4}-6.289577{col 67}{space 3} 6.541544
{txt}{space 10}gc {c |}{col 14}{res}{space 2}-.0551606{col 26}{space 2} .0836582{col 37}{space 1}   -0.66{col 46}{space 3}0.510{col 54}{space 4}-.2198318{col 67}{space 3} .1095107
{txt}{space 12} {c |}
{space 8}year {c |}
{space 7}2017  {c |}{col 14}{res}{space 2}-1.194325{col 26}{space 2} 5.348754{col 37}{space 1}   -0.22{col 46}{space 3}0.823{col 54}{space 4}-11.72272{col 67}{space 3} 9.334066
{txt}{space 7}2018  {c |}{col 14}{res}{space 2}-3.354083{col 26}{space 2} 5.320609{col 37}{space 1}   -0.63{col 46}{space 3}0.529{col 54}{space 4}-13.82707{col 67}{space 3} 7.118908
{txt}{space 7}2019  {c |}{col 14}{res}{space 2}-.5676669{col 26}{space 2} 5.197872{col 37}{space 1}   -0.11{col 46}{space 3}0.913{col 54}{space 4}-10.79906{col 67}{space 3}  9.66373
{txt}{space 7}2020  {c |}{col 14}{res}{space 2} 1.627616{col 26}{space 2} 5.303546{col 37}{space 1}    0.31{col 46}{space 3}0.759{col 54}{space 4}-8.811788{col 67}{space 3} 12.06702
{txt}{space 12} {c |}
{space 8}gics {c |}
{space 10}2  {c |}{col 14}{res}{space 2} -21.8148{col 26}{space 2}  10.2563{col 37}{space 1}   -2.13{col 46}{space 3}0.034{col 54}{space 4}-42.00311{col 67}{space 3}-1.626481
{txt}{space 10}3  {c |}{col 14}{res}{space 2}-16.88035{col 26}{space 2} 10.45795{col 37}{space 1}   -1.61{col 46}{space 3}0.108{col 54}{space 4}-37.46559{col 67}{space 3} 3.704893
{txt}{space 10}4  {c |}{col 14}{res}{space 2}-32.18792{col 26}{space 2} 11.13767{col 37}{space 1}   -2.89{col 46}{space 3}0.004{col 54}{space 4}-54.11111{col 67}{space 3}-10.26472
{txt}{space 10}5  {c |}{col 14}{res}{space 2}-31.72375{col 26}{space 2} 11.86098{col 37}{space 1}   -2.67{col 46}{space 3}0.008{col 54}{space 4}-55.07069{col 67}{space 3}-8.376811
{txt}{space 10}6  {c |}{col 14}{res}{space 2}-29.08727{col 26}{space 2}  11.3877{col 37}{space 1}   -2.55{col 46}{space 3}0.011{col 54}{space 4}-51.50262{col 67}{space 3}-6.671927
{txt}{space 10}7  {c |}{col 14}{res}{space 2}-28.89628{col 26}{space 2} 13.06739{col 37}{space 1}   -2.21{col 46}{space 3}0.028{col 54}{space 4}-54.61789{col 67}{space 3}-3.174672
{txt}{space 10}8  {c |}{col 14}{res}{space 2}-20.44895{col 26}{space 2} 10.14588{col 37}{space 1}   -2.02{col 46}{space 3}0.045{col 54}{space 4}-40.41992{col 67}{space 3}-.4779776
{txt}{space 10}9  {c |}{col 14}{res}{space 2}-4.466924{col 26}{space 2} 12.01893{col 37}{space 1}   -0.37{col 46}{space 3}0.710{col 54}{space 4}-28.12477{col 67}{space 3} 19.19092
{txt}{space 9}10  {c |}{col 14}{res}{space 2} 1.114291{col 26}{space 2} 10.06465{col 37}{space 1}    0.11{col 46}{space 3}0.912{col 54}{space 4}-18.69679{col 67}{space 3} 20.92537
{txt}{space 12} {c |}
{space 7}_cons {c |}{col 14}{res}{space 2}-118.0346{col 26}{space 2} 47.55355{col 37}{space 1}   -2.48{col 46}{space 3}0.014{col 54}{space 4}-211.6382{col 67}{space 3}-24.43108
{txt}{hline 13}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{com}. vif

{txt}    Variable {c |}       VIF       1/VIF  
{hline 13}{c +}{hline 22}
{space 2}vc_mod_tot {c |} {res}     2.77    0.361040
{txt}{space 1}vc_mod_bras {c |} {res}     2.36    0.424602
{txt}{space 1}alavancagem {c |} {res}     2.31    0.433585
{txt}{space 5}tamanho {c |} {res}     1.85    0.540494
{txt}{space 3}rentabroa {c |} {res}     2.01    0.496986
{txt}{space 3}lucratroi {c |} {res}     1.10    0.905900
{txt}{space 1}Ret_da_ação {c |} {res}     1.36    0.736673
{txt}{space 10}gc {c |} {res}     1.21    0.823079
{txt}{space 8}year {c |}
{space 7}2017  {c |} {res}     1.67    0.598346
{txt}{space 7}2018  {c |} {res}     1.86    0.537584
{txt}{space 7}2019  {c |} {res}     1.86    0.538545
{txt}{space 7}2020  {c |} {res}     1.95    0.511841
{txt}{space 8}gics {c |}
{space 10}2  {c |} {res}     6.41    0.156033
{txt}{space 10}3  {c |} {res}     5.10    0.195995
{txt}{space 10}4  {c |} {res}     3.05    0.328142
{txt}{space 10}5  {c |} {res}     2.97    0.336855
{txt}{space 10}6  {c |} {res}     5.92    0.168790
{txt}{space 10}7  {c |} {res}     2.17    0.460602
{txt}{space 10}8  {c |} {res}     5.00    0.200067
{txt}{space 10}9  {c |} {res}     2.54    0.394251
{txt}{space 9}10  {c |} {res}     5.83    0.171495
{txt}{hline 13}{c +}{hline 22}
    Mean VIF {c |} {res}     2.92

{com}. dwstat

{txt}Number of gaps in sample:  {res}39

{txt}Durbin-Watson d-statistic({res} 22{txt},{res}   305{txt}) = {res}   2.1743

{com}. regress pd vc_mod_tot vc_mod_bras gc i.year i.gics, robust

{txt}Linear regression                               Number of obs     = {res}        57
                                                {txt}F(14, 42)         =  {res}     4.67
                                                {txt}Prob > F          = {res}    0.0001
                                                {txt}R-squared         = {res}    0.7259
                                                {txt}Root MSE          =    {res} 9.8e+08

{txt}{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 14}{c |}{col 26}    Robust
{col 1}          pd{col 14}{c |}      Coef.{col 26}   Std. Err.{col 38}      t{col 46}   P>|t|{col 54}     [95% Con{col 67}f. Interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 2}vc_mod_tot {c |}{col 14}{res}{space 2} 5.95e+08{col 26}{space 2} 2.67e+08{col 37}{space 1}    2.23{col 46}{space 3}0.031{col 54}{space 4} 5.59e+07{col 67}{space 3} 1.13e+09
{txt}{space 1}vc_mod_bras {c |}{col 14}{res}{space 2} 4.24e+08{col 26}{space 2} 2.71e+08{col 37}{space 1}    1.56{col 46}{space 3}0.126{col 54}{space 4}-1.24e+08{col 67}{space 3} 9.72e+08
{txt}{space 10}gc {c |}{col 14}{res}{space 2}  7663061{col 26}{space 2} 2.21e+07{col 37}{space 1}    0.35{col 46}{space 3}0.730{col 54}{space 4}-3.69e+07{col 67}{space 3} 5.22e+07
{txt}{space 12} {c |}
{space 8}year {c |}
{space 7}2017  {c |}{col 14}{res}{space 2}-5.06e+08{col 26}{space 2} 5.29e+08{col 37}{space 1}   -0.96{col 46}{space 3}0.345{col 54}{space 4}-1.57e+09{col 67}{space 3} 5.63e+08
{txt}{space 7}2018  {c |}{col 14}{res}{space 2}-6.77e+08{col 26}{space 2} 5.73e+08{col 37}{space 1}   -1.18{col 46}{space 3}0.244{col 54}{space 4}-1.83e+09{col 67}{space 3} 4.79e+08
{txt}{space 7}2019  {c |}{col 14}{res}{space 2}-6.77e+08{col 26}{space 2} 6.35e+08{col 37}{space 1}   -1.07{col 46}{space 3}0.293{col 54}{space 4}-1.96e+09{col 67}{space 3} 6.05e+08
{txt}{space 7}2020  {c |}{col 14}{res}{space 2}-6.94e+08{col 26}{space 2} 6.82e+08{col 37}{space 1}   -1.02{col 46}{space 3}0.315{col 54}{space 4}-2.07e+09{col 67}{space 3} 6.82e+08
{txt}{space 12} {c |}
{space 8}gics {c |}
{space 10}3  {c |}{col 14}{res}{space 2} 1.17e+09{col 26}{space 2} 6.80e+08{col 37}{space 1}    1.72{col 46}{space 3}0.094{col 54}{space 4}-2.06e+08{col 67}{space 3} 2.54e+09
{txt}{space 10}4  {c |}{col 14}{res}{space 2} 1.79e+09{col 26}{space 2} 7.05e+08{col 37}{space 1}    2.54{col 46}{space 3}0.015{col 54}{space 4} 3.71e+08{col 67}{space 3} 3.22e+09
{txt}{space 10}5  {c |}{col 14}{res}{space 2} 1.14e+09{col 26}{space 2} 6.63e+08{col 37}{space 1}    1.71{col 46}{space 3}0.094{col 54}{space 4}-2.02e+08{col 67}{space 3} 2.47e+09
{txt}{space 10}6  {c |}{col 14}{res}{space 2}-2.58e+09{col 26}{space 2} 5.92e+08{col 37}{space 1}   -4.35{col 46}{space 3}0.000{col 54}{space 4}-3.77e+09{col 67}{space 3}-1.38e+09
{txt}{space 10}7  {c |}{col 14}{res}{space 2} 1.33e+09{col 26}{space 2} 8.13e+08{col 37}{space 1}    1.63{col 46}{space 3}0.110{col 54}{space 4}-3.12e+08{col 67}{space 3} 2.97e+09
{txt}{space 10}8  {c |}{col 14}{res}{space 2} 1.45e+08{col 26}{space 2} 3.99e+08{col 37}{space 1}    0.36{col 46}{space 3}0.717{col 54}{space 4}-6.59e+08{col 67}{space 3} 9.50e+08
{txt}{space 9}10  {c |}{col 14}{res}{space 2}-9.03e+08{col 26}{space 2} 6.08e+08{col 37}{space 1}   -1.49{col 46}{space 3}0.145{col 54}{space 4}-2.13e+09{col 67}{space 3} 3.23e+08
{txt}{space 12} {c |}
{space 7}_cons {c |}{col 14}{res}{space 2}-1.06e+09{col 26}{space 2} 1.01e+09{col 37}{space 1}   -1.05{col 46}{space 3}0.298{col 54}{space 4}-3.10e+09{col 67}{space 3} 9.72e+08
{txt}{hline 13}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{com}. regress pd vc_mod_tot vc_mod_bras gc i.year i.gics

{txt}      Source {c |}       SS           df       MS      Number of obs   ={res}        57
{txt}{hline 13}{c +}{hline 34}   F(14, 42)       = {res}     7.95
{txt}       Model {c |} {res} 1.0632e+20        14  7.5943e+18   {txt}Prob > F        ={res}    0.0000
{txt}    Residual {c |} {res} 4.0139e+19        42  9.5569e+17   {txt}R-squared       ={res}    0.7259
{txt}{hline 13}{c +}{hline 34}   Adj R-squared   ={res}    0.6346
{txt}       Total {c |} {res} 1.4646e+20        56  2.6153e+18   {txt}Root MSE        =   {res} 9.8e+08

{txt}{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 1}          pd{col 14}{c |}      Coef.{col 26}   Std. Err.{col 38}      t{col 46}   P>|t|{col 54}     [95% Con{col 67}f. Interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 2}vc_mod_tot {c |}{col 14}{res}{space 2} 5.95e+08{col 26}{space 2} 2.12e+08{col 37}{space 1}    2.80{col 46}{space 3}0.008{col 54}{space 4} 1.66e+08{col 67}{space 3} 1.02e+09
{txt}{space 1}vc_mod_bras {c |}{col 14}{res}{space 2} 4.24e+08{col 26}{space 2} 2.25e+08{col 37}{space 1}    1.88{col 46}{space 3}0.066{col 54}{space 4}-3.01e+07{col 67}{space 3} 8.78e+08
{txt}{space 10}gc {c |}{col 14}{res}{space 2}  7663061{col 26}{space 2} 1.88e+07{col 37}{space 1}    0.41{col 46}{space 3}0.686{col 54}{space 4}-3.04e+07{col 67}{space 3} 4.57e+07
{txt}{space 12} {c |}
{space 8}year {c |}
{space 7}2017  {c |}{col 14}{res}{space 2}-5.06e+08{col 26}{space 2} 4.27e+08{col 37}{space 1}   -1.18{col 46}{space 3}0.243{col 54}{space 4}-1.37e+09{col 67}{space 3} 3.56e+08
{txt}{space 7}2018  {c |}{col 14}{res}{space 2}-6.77e+08{col 26}{space 2} 4.28e+08{col 37}{space 1}   -1.58{col 46}{space 3}0.121{col 54}{space 4}-1.54e+09{col 67}{space 3} 1.87e+08
{txt}{space 7}2019  {c |}{col 14}{res}{space 2}-6.77e+08{col 26}{space 2} 4.36e+08{col 37}{space 1}   -1.55{col 46}{space 3}0.128{col 54}{space 4}-1.56e+09{col 67}{space 3} 2.03e+08
{txt}{space 7}2020  {c |}{col 14}{res}{space 2}-6.94e+08{col 26}{space 2} 4.51e+08{col 37}{space 1}   -1.54{col 46}{space 3}0.132{col 54}{space 4}-1.60e+09{col 67}{space 3} 2.17e+08
{txt}{space 12} {c |}
{space 8}gics {c |}
{space 10}3  {c |}{col 14}{res}{space 2} 1.17e+09{col 26}{space 2} 8.67e+08{col 37}{space 1}    1.35{col 46}{space 3}0.186{col 54}{space 4}-5.83e+08{col 67}{space 3} 2.92e+09
{txt}{space 10}4  {c |}{col 14}{res}{space 2} 1.79e+09{col 26}{space 2} 7.41e+08{col 37}{space 1}    2.42{col 46}{space 3}0.020{col 54}{space 4} 2.99e+08{col 67}{space 3} 3.29e+09
{txt}{space 10}5  {c |}{col 14}{res}{space 2} 1.14e+09{col 26}{space 2} 8.50e+08{col 37}{space 1}    1.34{col 46}{space 3}0.189{col 54}{space 4}-5.79e+08{col 67}{space 3} 2.85e+09
{txt}{space 10}6  {c |}{col 14}{res}{space 2}-2.58e+09{col 26}{space 2} 7.37e+08{col 37}{space 1}   -3.49{col 46}{space 3}0.001{col 54}{space 4}-4.06e+09{col 67}{space 3}-1.09e+09
{txt}{space 10}7  {c |}{col 14}{res}{space 2} 1.33e+09{col 26}{space 2} 9.62e+08{col 37}{space 1}    1.38{col 46}{space 3}0.174{col 54}{space 4}-6.11e+08{col 67}{space 3} 3.27e+09
{txt}{space 10}8  {c |}{col 14}{res}{space 2} 1.45e+08{col 26}{space 2} 5.81e+08{col 37}{space 1}    0.25{col 46}{space 3}0.804{col 54}{space 4}-1.03e+09{col 67}{space 3} 1.32e+09
{txt}{space 9}10  {c |}{col 14}{res}{space 2}-9.03e+08{col 26}{space 2} 7.86e+08{col 37}{space 1}   -1.15{col 46}{space 3}0.257{col 54}{space 4}-2.49e+09{col 67}{space 3} 6.84e+08
{txt}{space 12} {c |}
{space 7}_cons {c |}{col 14}{res}{space 2}-1.06e+09{col 26}{space 2} 1.06e+09{col 37}{space 1}   -1.00{col 46}{space 3}0.323{col 54}{space 4}-3.20e+09{col 67}{space 3} 1.08e+09
{txt}{hline 13}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{com}. vif

{txt}    Variable {c |}       VIF       1/VIF  
{hline 13}{c +}{hline 22}
{space 2}vc_mod_tot {c |} {res}     6.32    0.158322
{txt}{space 1}vc_mod_bras {c |} {res}     5.98    0.167085
{txt}{space 10}gc {c |} {res}     2.96    0.338110
{txt}{space 8}year {c |}
{space 7}2017  {c |} {res}     1.69    0.591188
{txt}{space 7}2018  {c |} {res}     1.70    0.586928
{txt}{space 7}2019  {c |} {res}     1.88    0.530826
{txt}{space 7}2020  {c |} {res}     2.02    0.494968
{txt}{space 8}gics {c |}
{space 10}3  {c |} {res}     3.59    0.278891
{txt}{space 10}4  {c |} {res}     5.44    0.183908
{txt}{space 10}5  {c |} {res}     3.45    0.290051
{txt}{space 10}6  {c |} {res}     2.60    0.385270
{txt}{space 10}7  {c |} {res}     4.41    0.226591
{txt}{space 10}8  {c |} {res}     3.90    0.256212
{txt}{space 9}10  {c |} {res}     2.95    0.338901
{txt}{hline 13}{c +}{hline 22}
    Mean VIF {c |} {res}     3.49

{com}. dwstat

{txt}Number of gaps in sample:  {res}54

{txt}Durbin-Watson d-statistic({res} 15{txt},{res}    57{txt}) = {res} .0784048

{com}. regress pd vc_mod_tot vc_mod_bras i.year i.gics

{txt}      Source {c |}       SS           df       MS      Number of obs   ={res}        57
{txt}{hline 13}{c +}{hline 34}   F(13, 43)       = {res}     8.71
{txt}       Model {c |} {res} 1.0616e+20        13  8.1663e+18   {txt}Prob > F        ={res}    0.0000
{txt}    Residual {c |} {res} 4.0297e+19        43  9.3714e+17   {txt}R-squared       ={res}    0.7249
{txt}{hline 13}{c +}{hline 34}   Adj R-squared   ={res}    0.6417
{txt}       Total {c |} {res} 1.4646e+20        56  2.6153e+18   {txt}Root MSE        =   {res} 9.7e+08

{txt}{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 1}          pd{col 14}{c |}      Coef.{col 26}   Std. Err.{col 38}      t{col 46}   P>|t|{col 54}     [95% Con{col 67}f. Interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 2}vc_mod_tot {c |}{col 14}{res}{space 2} 6.08e+08{col 26}{space 2} 2.08e+08{col 37}{space 1}    2.93{col 46}{space 3}0.005{col 54}{space 4} 1.89e+08{col 67}{space 3} 1.03e+09
{txt}{space 1}vc_mod_bras {c |}{col 14}{res}{space 2} 4.45e+08{col 26}{space 2} 2.17e+08{col 37}{space 1}    2.05{col 46}{space 3}0.046{col 54}{space 4}  7472686{col 67}{space 3} 8.82e+08
{txt}{space 12} {c |}
{space 8}year {c |}
{space 7}2017  {c |}{col 14}{res}{space 2}-4.86e+08{col 26}{space 2} 4.20e+08{col 37}{space 1}   -1.16{col 46}{space 3}0.254{col 54}{space 4}-1.33e+09{col 67}{space 3} 3.61e+08
{txt}{space 7}2018  {c |}{col 14}{res}{space 2}-6.41e+08{col 26}{space 2} 4.15e+08{col 37}{space 1}   -1.54{col 46}{space 3}0.130{col 54}{space 4}-1.48e+09{col 67}{space 3} 1.96e+08
{txt}{space 7}2019  {c |}{col 14}{res}{space 2}-6.17e+08{col 26}{space 2} 4.07e+08{col 37}{space 1}   -1.52{col 46}{space 3}0.136{col 54}{space 4}-1.44e+09{col 67}{space 3} 2.03e+08
{txt}{space 7}2020  {c |}{col 14}{res}{space 2}-6.19e+08{col 26}{space 2} 4.08e+08{col 37}{space 1}   -1.52{col 46}{space 3}0.137{col 54}{space 4}-1.44e+09{col 67}{space 3} 2.04e+08
{txt}{space 12} {c |}
{space 8}gics {c |}
{space 10}3  {c |}{col 14}{res}{space 2} 1.35e+09{col 26}{space 2} 7.40e+08{col 37}{space 1}    1.82{col 46}{space 3}0.076{col 54}{space 4}-1.47e+08{col 67}{space 3} 2.84e+09
{txt}{space 10}4  {c |}{col 14}{res}{space 2} 1.83e+09{col 26}{space 2} 7.26e+08{col 37}{space 1}    2.53{col 46}{space 3}0.015{col 54}{space 4} 3.70e+08{col 67}{space 3} 3.30e+09
{txt}{space 10}5  {c |}{col 14}{res}{space 2} 1.30e+09{col 26}{space 2} 7.40e+08{col 37}{space 1}    1.76{col 46}{space 3}0.086{col 54}{space 4}-1.91e+08{col 67}{space 3} 2.79e+09
{txt}{space 10}6  {c |}{col 14}{res}{space 2}-2.56e+09{col 26}{space 2} 7.29e+08{col 37}{space 1}   -3.51{col 46}{space 3}0.001{col 54}{space 4}-4.02e+09{col 67}{space 3}-1.09e+09
{txt}{space 10}7  {c |}{col 14}{res}{space 2} 1.58e+09{col 26}{space 2} 7.40e+08{col 37}{space 1}    2.13{col 46}{space 3}0.039{col 54}{space 4} 8.39e+07{col 67}{space 3} 3.07e+09
{txt}{space 10}8  {c |}{col 14}{res}{space 2} 1.84e+08{col 26}{space 2} 5.68e+08{col 37}{space 1}    0.32{col 46}{space 3}0.748{col 54}{space 4}-9.61e+08{col 67}{space 3} 1.33e+09
{txt}{space 9}10  {c |}{col 14}{res}{space 2}-8.18e+08{col 26}{space 2} 7.50e+08{col 37}{space 1}   -1.09{col 46}{space 3}0.282{col 54}{space 4}-2.33e+09{col 67}{space 3} 6.95e+08
{txt}{space 12} {c |}
{space 7}_cons {c |}{col 14}{res}{space 2}-7.27e+08{col 26}{space 2} 6.65e+08{col 37}{space 1}   -1.09{col 46}{space 3}0.280{col 54}{space 4}-2.07e+09{col 67}{space 3} 6.13e+08
{txt}{hline 13}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{com}. vif

{txt}    Variable {c |}       VIF       1/VIF  
{hline 13}{c +}{hline 22}
{space 2}vc_mod_tot {c |} {res}     6.17    0.162093
{txt}{space 1}vc_mod_bras {c |} {res}     5.67    0.176313
{txt}{space 8}year {c |}
{space 7}2017  {c |} {res}     1.67    0.599008
{txt}{space 7}2018  {c |} {res}     1.63    0.613746
{txt}{space 7}2019  {c |} {res}     1.67    0.598427
{txt}{space 7}2020  {c |} {res}     1.68    0.594509
{txt}{space 8}gics {c |}
{space 10}3  {c |} {res}     2.66    0.375359
{txt}{space 10}4  {c |} {res}     5.33    0.187454
{txt}{space 10}5  {c |} {res}     2.66    0.375359
{txt}{space 10}6  {c |} {res}     2.58    0.387007
{txt}{space 10}7  {c |} {res}     2.66    0.375359
{txt}{space 10}8  {c |} {res}     3.80    0.263144
{txt}{space 9}10  {c |} {res}     2.74    0.364898
{txt}{hline 13}{c +}{hline 22}
    Mean VIF {c |} {res}     3.15

{com}. dwstat

{txt}Number of gaps in sample:  {res}54

{txt}Durbin-Watson d-statistic({res} 14{txt},{res}    57{txt}) = {res} .0708812

{com}. estat hettest

{txt}Breusch-Pagan / Cook-Weisberg test for heteroskedasticity 
         Ho: Constant variance
{p 9 20}Variables: fitted values of pd

{col 10}chi2({res}1{txt}){col 23}={res}    34.40
{txt}{col 10}Prob > chi2{col 23}={res}   0.0000

{com}. imtest, white

{txt}White's test for Ho: homoskedasticity
         against Ha: unrestricted heteroskedasticity

{col 10}chi2({res}54{txt}){col 23}= {res}    57.00
{col 10}{txt}Prob > chi2  = {res}   0.3641

{txt}Cameron & Trivedi's decomposition of IM-test

{hline 21}{c TT}{hline 29}
{ralign 20:Source} {c |}       chi2     df      p
{hline 21}{c +}{hline 29}
{ralign 20:Heteroskedasticity} {c |}{res}      57.00     54    0.3641
{txt}{ralign 20:Skewness} {c |}{res}          .     13         .
{txt}{ralign 20:Kurtosis} {c |}{res}          .      1         .
{txt}{hline 21}{c +}{hline 29}
{ralign 20:Total} {c |}{res}          .     68         .
{txt}{hline 21}{c BT}{hline 29}

{com}. predict Erro, r
{err}variable {bf}Erro{sf} already defined
{txt}{search r(110), local:r(110);}

{com}. predict Erro1, r
{txt}(293 missing values generated)

{com}. sktest Erro1
{res}
{col 21}{txt}Skewness/Kurtosis tests for Normality
{col 59}{hline 6} joint {hline 6}
{col 5}Variable {c |}        Obs  Pr(Skewness)  Pr(Kurtosis) adj chi2(2)   Prob>chi2
{hline 13}{c +}{hline 63}
       Erro1 {c |}{res}{col 16}        57{col 31}0.0008{col 45}0.0003{col 54}    18.58{col 72}0.0001

{com}. regress pd vc_mod_tot vc_mod_bras alavancagem tamanho rentabroa lucratroi Ret_da_ação gc i.year i.gics

{txt}      Source {c |}       SS           df       MS      Number of obs   ={res}        57
{txt}{hline 13}{c +}{hline 34}   F(19, 37)       = {res}    19.48
{txt}       Model {c |} {res} 1.3315e+20        19  7.0078e+18   {txt}Prob > F        ={res}    0.0000
{txt}    Residual {c |} {res} 1.3311e+19        37  3.5975e+17   {txt}R-squared       ={res}    0.9091
{txt}{hline 13}{c +}{hline 34}   Adj R-squared   ={res}    0.8624
{txt}       Total {c |} {res} 1.4646e+20        56  2.6153e+18   {txt}Root MSE        =   {res} 6.0e+08

{txt}{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 1}          pd{col 14}{c |}      Coef.{col 26}   Std. Err.{col 38}      t{col 46}   P>|t|{col 54}     [95% Con{col 67}f. Interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 2}vc_mod_tot {c |}{col 14}{res}{space 2} 4.21e+08{col 26}{space 2} 1.40e+08{col 37}{space 1}    3.01{col 46}{space 3}0.005{col 54}{space 4} 1.37e+08{col 67}{space 3} 7.04e+08
{txt}{space 1}vc_mod_bras {c |}{col 14}{res}{space 2}-3.23e+08{col 26}{space 2} 2.23e+08{col 37}{space 1}   -1.45{col 46}{space 3}0.156{col 54}{space 4}-7.75e+08{col 67}{space 3} 1.29e+08
{txt}{space 1}alavancagem {c |}{col 14}{res}{space 2}-9.99e+08{col 26}{space 2} 7.80e+08{col 37}{space 1}   -1.28{col 46}{space 3}0.208{col 54}{space 4}-2.58e+09{col 67}{space 3} 5.81e+08
{txt}{space 5}tamanho {c |}{col 14}{res}{space 2} 1.01e+09{col 26}{space 2} 1.35e+08{col 37}{space 1}    7.48{col 46}{space 3}0.000{col 54}{space 4} 7.34e+08{col 67}{space 3} 1.28e+09
{txt}{space 3}rentabroa {c |}{col 14}{res}{space 2} 1.54e+09{col 26}{space 2} 2.30e+09{col 37}{space 1}    0.67{col 46}{space 3}0.505{col 54}{space 4}-3.11e+09{col 67}{space 3} 6.20e+09
{txt}{space 3}lucratroi {c |}{col 14}{res}{space 2} 2.31e+08{col 26}{space 2} 2.49e+08{col 37}{space 1}    0.93{col 46}{space 3}0.359{col 54}{space 4}-2.73e+08{col 67}{space 3} 7.35e+08
{txt}{space 1}Ret_da_ação {c |}{col 14}{res}{space 2} 1.84e+08{col 26}{space 2} 1.58e+08{col 37}{space 1}    1.16{col 46}{space 3}0.253{col 54}{space 4}-1.37e+08{col 67}{space 3} 5.04e+08
{txt}{space 10}gc {c |}{col 14}{res}{space 2} -2216556{col 26}{space 2} 1.32e+07{col 37}{space 1}   -0.17{col 46}{space 3}0.868{col 54}{space 4}-2.90e+07{col 67}{space 3} 2.45e+07
{txt}{space 12} {c |}
{space 8}year {c |}
{space 7}2017  {c |}{col 14}{res}{space 2}-3.30e+08{col 26}{space 2} 2.73e+08{col 37}{space 1}   -1.21{col 46}{space 3}0.234{col 54}{space 4}-8.83e+08{col 67}{space 3} 2.23e+08
{txt}{space 7}2018  {c |}{col 14}{res}{space 2}-5.28e+08{col 26}{space 2} 2.83e+08{col 37}{space 1}   -1.86{col 46}{space 3}0.070{col 54}{space 4}-1.10e+09{col 67}{space 3} 4.59e+07
{txt}{space 7}2019  {c |}{col 14}{res}{space 2}-7.03e+08{col 26}{space 2} 2.75e+08{col 37}{space 1}   -2.56{col 46}{space 3}0.015{col 54}{space 4}-1.26e+09{col 67}{space 3}-1.45e+08
{txt}{space 7}2020  {c |}{col 14}{res}{space 2}-8.61e+08{col 26}{space 2} 2.99e+08{col 37}{space 1}   -2.88{col 46}{space 3}0.007{col 54}{space 4}-1.47e+09{col 67}{space 3}-2.56e+08
{txt}{space 12} {c |}
{space 8}gics {c |}
{space 10}3  {c |}{col 14}{res}{space 2}-6.73e+08{col 26}{space 2} 6.80e+08{col 37}{space 1}   -0.99{col 46}{space 3}0.329{col 54}{space 4}-2.05e+09{col 67}{space 3} 7.05e+08
{txt}{space 10}4  {c |}{col 14}{res}{space 2} 3.98e+08{col 26}{space 2} 5.21e+08{col 37}{space 1}    0.76{col 46}{space 3}0.450{col 54}{space 4}-6.57e+08{col 67}{space 3} 1.45e+09
{txt}{space 10}5  {c |}{col 14}{res}{space 2}-8.21e+08{col 26}{space 2} 5.98e+08{col 37}{space 1}   -1.37{col 46}{space 3}0.178{col 54}{space 4}-2.03e+09{col 67}{space 3} 3.91e+08
{txt}{space 10}6  {c |}{col 14}{res}{space 2}-2.23e+09{col 26}{space 2} 5.46e+08{col 37}{space 1}   -4.09{col 46}{space 3}0.000{col 54}{space 4}-3.34e+09{col 67}{space 3}-1.13e+09
{txt}{space 10}7  {c |}{col 14}{res}{space 2} 1.05e+09{col 26}{space 2} 6.34e+08{col 37}{space 1}    1.65{col 46}{space 3}0.107{col 54}{space 4}-2.38e+08{col 67}{space 3} 2.33e+09
{txt}{space 10}8  {c |}{col 14}{res}{space 2}-2.05e+09{col 26}{space 2} 5.80e+08{col 37}{space 1}   -3.53{col 46}{space 3}0.001{col 54}{space 4}-3.22e+09{col 67}{space 3}-8.72e+08
{txt}{space 9}10  {c |}{col 14}{res}{space 2}-8.03e+08{col 26}{space 2} 5.46e+08{col 37}{space 1}   -1.47{col 46}{space 3}0.150{col 54}{space 4}-1.91e+09{col 67}{space 3} 3.03e+08
{txt}{space 12} {c |}
{space 7}_cons {c |}{col 14}{res}{space 2}-2.17e+10{col 26}{space 2} 2.93e+09{col 37}{space 1}   -7.40{col 46}{space 3}0.000{col 54}{space 4}-2.77e+10{col 67}{space 3}-1.58e+10
{txt}{hline 13}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{com}. vif

{txt}    Variable {c |}       VIF       1/VIF  
{hline 13}{c +}{hline 22}
{space 2}vc_mod_tot {c |} {res}     7.29    0.137193
{txt}{space 1}vc_mod_bras {c |} {res}    15.63    0.063994
{txt}{space 1}alavancagem {c |} {res}     5.10    0.196260
{txt}{space 5}tamanho {c |} {res}     8.30    0.120485
{txt}{space 3}rentabroa {c |} {res}     2.98    0.335756
{txt}{space 3}lucratroi {c |} {res}     1.79    0.559251
{txt}{space 1}Ret_da_ação {c |} {res}     1.79    0.557935
{txt}{space 10}gc {c |} {res}     3.85    0.259450
{txt}{space 8}year {c |}
{space 7}2017  {c |} {res}     1.84    0.544534
{txt}{space 7}2018  {c |} {res}     1.98    0.505120
{txt}{space 7}2019  {c |} {res}     1.99    0.502391
{txt}{space 7}2020  {c |} {res}     2.35    0.426019
{txt}{space 8}gics {c |}
{space 10}3  {c |} {res}     5.86    0.170599
{txt}{space 10}4  {c |} {res}     7.14    0.140078
{txt}{space 10}5  {c |} {res}     4.54    0.220342
{txt}{space 10}6  {c |} {res}     3.79    0.264083
{txt}{space 10}7  {c |} {res}     5.09    0.196453
{txt}{space 10}8  {c |} {res}    10.33    0.096819
{txt}{space 9}10  {c |} {res}     3.78    0.264490
{txt}{hline 13}{c +}{hline 22}
    Mean VIF {c |} {res}     5.02

{com}. dwstat

{txt}Number of gaps in sample:  {res}54

{txt}Durbin-Watson d-statistic({res} 20{txt},{res}    57{txt}) = {res} .0721699

{com}. estat hettest

{txt}Breusch-Pagan / Cook-Weisberg test for heteroskedasticity 
         Ho: Constant variance
{p 9 20}Variables: fitted values of pd

{col 10}chi2({res}1{txt}){col 23}={res}    74.27
{txt}{col 10}Prob > chi2{col 23}={res}   0.0000

{com}. imtest, white

{txt}White's test for Ho: homoskedasticity
         against Ha: unrestricted heteroskedasticity

{col 10}chi2({res}56{txt}){col 23}= {res}    57.00
{col 10}{txt}Prob > chi2  = {res}   0.4377

{txt}Cameron & Trivedi's decomposition of IM-test

{hline 21}{c TT}{hline 29}
{ralign 20:Source} {c |}       chi2     df      p
{hline 21}{c +}{hline 29}
{ralign 20:Heteroskedasticity} {c |}{res}      57.00     56    0.4377
{txt}{ralign 20:Skewness} {c |}{res}          .     19         .
{txt}{ralign 20:Kurtosis} {c |}{res}          .      1         .
{txt}{hline 21}{c +}{hline 29}
{ralign 20:Total} {c |}{res}          .     76         .
{txt}{hline 21}{c BT}{hline 29}

{com}. predict Erro, r
{err}variable {bf}Erro{sf} already defined
{txt}{search r(110), local:r(110);}

{com}. predict Erro2, r
{txt}(293 missing values generated)

{com}. sktest Erro2
{res}
{col 21}{txt}Skewness/Kurtosis tests for Normality
{col 59}{hline 6} joint {hline 6}
{col 5}Variable {c |}        Obs  Pr(Skewness)  Pr(Kurtosis) adj chi2(2)   Prob>chi2
{hline 13}{c +}{hline 63}
       Erro2 {c |}{res}{col 16}        57{col 31}0.0292{col 45}0.0007{col 54}    12.98{col 72}0.0015

{com}. regress pd vc_mod_tot vc_mod_bras alavancagem tamanho rentabroa lucratroi Ret_da_ação gc i.year i.gics, robust

{txt}Linear regression                               Number of obs     = {res}        57
                                                {txt}F(19, 37)         =  {res}     7.44
                                                {txt}Prob > F          = {res}    0.0000
                                                {txt}R-squared         = {res}    0.9091
                                                {txt}Root MSE          =    {res} 6.0e+08

{txt}{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 14}{c |}{col 26}    Robust
{col 1}          pd{col 14}{c |}      Coef.{col 26}   Std. Err.{col 38}      t{col 46}   P>|t|{col 54}     [95% Con{col 67}f. Interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 2}vc_mod_tot {c |}{col 14}{res}{space 2} 4.21e+08{col 26}{space 2} 1.99e+08{col 37}{space 1}    2.11{col 46}{space 3}0.041{col 54}{space 4} 1.72e+07{col 67}{space 3} 8.24e+08
{txt}{space 1}vc_mod_bras {c |}{col 14}{res}{space 2}-3.23e+08{col 26}{space 2} 2.94e+08{col 37}{space 1}   -1.10{col 46}{space 3}0.280{col 54}{space 4}-9.19e+08{col 67}{space 3} 2.74e+08
{txt}{space 1}alavancagem {c |}{col 14}{res}{space 2}-9.99e+08{col 26}{space 2} 8.77e+08{col 37}{space 1}   -1.14{col 46}{space 3}0.262{col 54}{space 4}-2.78e+09{col 67}{space 3} 7.77e+08
{txt}{space 5}tamanho {c |}{col 14}{res}{space 2} 1.01e+09{col 26}{space 2} 1.81e+08{col 37}{space 1}    5.57{col 46}{space 3}0.000{col 54}{space 4} 6.40e+08{col 67}{space 3} 1.37e+09
{txt}{space 3}rentabroa {c |}{col 14}{res}{space 2} 1.54e+09{col 26}{space 2} 1.72e+09{col 37}{space 1}    0.90{col 46}{space 3}0.376{col 54}{space 4}-1.95e+09{col 67}{space 3} 5.04e+09
{txt}{space 3}lucratroi {c |}{col 14}{res}{space 2} 2.31e+08{col 26}{space 2} 1.88e+08{col 37}{space 1}    1.23{col 46}{space 3}0.227{col 54}{space 4}-1.50e+08{col 67}{space 3} 6.13e+08
{txt}{space 1}Ret_da_ação {c |}{col 14}{res}{space 2} 1.84e+08{col 26}{space 2} 1.58e+08{col 37}{space 1}    1.16{col 46}{space 3}0.254{col 54}{space 4}-1.37e+08{col 67}{space 3} 5.04e+08
{txt}{space 10}gc {c |}{col 14}{res}{space 2} -2216556{col 26}{space 2} 1.31e+07{col 37}{space 1}   -0.17{col 46}{space 3}0.867{col 54}{space 4}-2.88e+07{col 67}{space 3} 2.44e+07
{txt}{space 12} {c |}
{space 8}year {c |}
{space 7}2017  {c |}{col 14}{res}{space 2}-3.30e+08{col 26}{space 2} 2.95e+08{col 37}{space 1}   -1.12{col 46}{space 3}0.270{col 54}{space 4}-9.28e+08{col 67}{space 3} 2.67e+08
{txt}{space 7}2018  {c |}{col 14}{res}{space 2}-5.28e+08{col 26}{space 2} 3.19e+08{col 37}{space 1}   -1.66{col 46}{space 3}0.106{col 54}{space 4}-1.17e+09{col 67}{space 3} 1.17e+08
{txt}{space 7}2019  {c |}{col 14}{res}{space 2}-7.03e+08{col 26}{space 2} 3.86e+08{col 37}{space 1}   -1.82{col 46}{space 3}0.077{col 54}{space 4}-1.48e+09{col 67}{space 3} 7.91e+07
{txt}{space 7}2020  {c |}{col 14}{res}{space 2}-8.61e+08{col 26}{space 2} 4.54e+08{col 37}{space 1}   -1.90{col 46}{space 3}0.066{col 54}{space 4}-1.78e+09{col 67}{space 3} 5.88e+07
{txt}{space 12} {c |}
{space 8}gics {c |}
{space 10}3  {c |}{col 14}{res}{space 2}-6.73e+08{col 26}{space 2} 6.97e+08{col 37}{space 1}   -0.96{col 46}{space 3}0.341{col 54}{space 4}-2.09e+09{col 67}{space 3} 7.40e+08
{txt}{space 10}4  {c |}{col 14}{res}{space 2} 3.98e+08{col 26}{space 2} 4.37e+08{col 37}{space 1}    0.91{col 46}{space 3}0.368{col 54}{space 4}-4.87e+08{col 67}{space 3} 1.28e+09
{txt}{space 10}5  {c |}{col 14}{res}{space 2}-8.21e+08{col 26}{space 2} 6.19e+08{col 37}{space 1}   -1.33{col 46}{space 3}0.193{col 54}{space 4}-2.07e+09{col 67}{space 3} 4.33e+08
{txt}{space 10}6  {c |}{col 14}{res}{space 2}-2.23e+09{col 26}{space 2} 4.52e+08{col 37}{space 1}   -4.94{col 46}{space 3}0.000{col 54}{space 4}-3.15e+09{col 67}{space 3}-1.32e+09
{txt}{space 10}7  {c |}{col 14}{res}{space 2} 1.05e+09{col 26}{space 2} 5.80e+08{col 37}{space 1}    1.80{col 46}{space 3}0.080{col 54}{space 4}-1.30e+08{col 67}{space 3} 2.22e+09
{txt}{space 10}8  {c |}{col 14}{res}{space 2}-2.05e+09{col 26}{space 2} 5.81e+08{col 37}{space 1}   -3.52{col 46}{space 3}0.001{col 54}{space 4}-3.22e+09{col 67}{space 3}-8.70e+08
{txt}{space 9}10  {c |}{col 14}{res}{space 2}-8.03e+08{col 26}{space 2} 4.30e+08{col 37}{space 1}   -1.87{col 46}{space 3}0.070{col 54}{space 4}-1.68e+09{col 67}{space 3} 6.86e+07
{txt}{space 12} {c |}
{space 7}_cons {c |}{col 14}{res}{space 2}-2.17e+10{col 26}{space 2} 4.02e+09{col 37}{space 1}   -5.40{col 46}{space 3}0.000{col 54}{space 4}-2.99e+10{col 67}{space 3}-1.36e+10
{txt}{hline 13}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{com}. regress env_in vc_mod_tot vc_mod_bras alavancagem tamanho rentabroa lucratroi Ret_da_ação gc i.year i.gics

{txt}      Source {c |}       SS           df       MS      Number of obs   ={res}       305
{txt}{hline 13}{c +}{hline 34}   F(21, 283)      = {res}     4.88
{txt}       Model {c |} {res} 78025.8511        21  3715.51672   {txt}Prob > F        ={res}    0.0000
{txt}    Residual {c |} {res} 215283.927       283   760.72059   {txt}R-squared       ={res}    0.2660
{txt}{hline 13}{c +}{hline 34}   Adj R-squared   ={res}    0.2116
{txt}       Total {c |} {res} 293309.778       304  964.834796   {txt}Root MSE        =   {res} 27.581

{txt}{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 1}      env_in{col 14}{c |}      Coef.{col 26}   Std. Err.{col 38}      t{col 46}   P>|t|{col 54}     [95% Con{col 67}f. Interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 2}vc_mod_tot {c |}{col 14}{res}{space 2} 3.826262{col 26}{space 2} 1.830797{col 37}{space 1}    2.09{col 46}{space 3}0.038{col 54}{space 4} .2225539{col 67}{space 3} 7.429971
{txt}{space 1}vc_mod_bras {c |}{col 14}{res}{space 2}-1.949625{col 26}{space 2} 1.655148{col 37}{space 1}   -1.18{col 46}{space 3}0.240{col 54}{space 4}-5.207588{col 67}{space 3} 1.308338
{txt}{space 1}alavancagem {c |}{col 14}{res}{space 2} 24.82676{col 26}{space 2} 9.801859{col 37}{space 1}    2.53{col 46}{space 3}0.012{col 54}{space 4} 5.532961{col 67}{space 3} 44.12057
{txt}{space 5}tamanho {c |}{col 14}{res}{space 2} 5.898311{col 26}{space 2} 1.870609{col 37}{space 1}    3.15{col 46}{space 3}0.002{col 54}{space 4} 2.216237{col 67}{space 3} 9.580384
{txt}{space 3}rentabroa {c |}{col 14}{res}{space 2} 86.45365{col 26}{space 2} 30.13681{col 37}{space 1}    2.87{col 46}{space 3}0.004{col 54}{space 4}  27.1329{col 67}{space 3} 145.7744
{txt}{space 3}lucratroi {c |}{col 14}{res}{space 2} .1705686{col 26}{space 2} 1.019758{col 37}{space 1}    0.17{col 46}{space 3}0.867{col 54}{space 4}-1.836704{col 67}{space 3} 2.177841
{txt}{space 1}Ret_da_ação {c |}{col 14}{res}{space 2} .1259834{col 26}{space 2} 3.259307{col 37}{space 1}    0.04{col 46}{space 3}0.969{col 54}{space 4}-6.289577{col 67}{space 3} 6.541544
{txt}{space 10}gc {c |}{col 14}{res}{space 2}-.0551606{col 26}{space 2} .0836582{col 37}{space 1}   -0.66{col 46}{space 3}0.510{col 54}{space 4}-.2198318{col 67}{space 3} .1095107
{txt}{space 12} {c |}
{space 8}year {c |}
{space 7}2017  {c |}{col 14}{res}{space 2}-1.194325{col 26}{space 2} 5.348754{col 37}{space 1}   -0.22{col 46}{space 3}0.823{col 54}{space 4}-11.72272{col 67}{space 3} 9.334066
{txt}{space 7}2018  {c |}{col 14}{res}{space 2}-3.354083{col 26}{space 2} 5.320609{col 37}{space 1}   -0.63{col 46}{space 3}0.529{col 54}{space 4}-13.82707{col 67}{space 3} 7.118908
{txt}{space 7}2019  {c |}{col 14}{res}{space 2}-.5676669{col 26}{space 2} 5.197872{col 37}{space 1}   -0.11{col 46}{space 3}0.913{col 54}{space 4}-10.79906{col 67}{space 3}  9.66373
{txt}{space 7}2020  {c |}{col 14}{res}{space 2} 1.627616{col 26}{space 2} 5.303546{col 37}{space 1}    0.31{col 46}{space 3}0.759{col 54}{space 4}-8.811788{col 67}{space 3} 12.06702
{txt}{space 12} {c |}
{space 8}gics {c |}
{space 10}2  {c |}{col 14}{res}{space 2} -21.8148{col 26}{space 2}  10.2563{col 37}{space 1}   -2.13{col 46}{space 3}0.034{col 54}{space 4}-42.00311{col 67}{space 3}-1.626481
{txt}{space 10}3  {c |}{col 14}{res}{space 2}-16.88035{col 26}{space 2} 10.45795{col 37}{space 1}   -1.61{col 46}{space 3}0.108{col 54}{space 4}-37.46559{col 67}{space 3} 3.704893
{txt}{space 10}4  {c |}{col 14}{res}{space 2}-32.18792{col 26}{space 2} 11.13767{col 37}{space 1}   -2.89{col 46}{space 3}0.004{col 54}{space 4}-54.11111{col 67}{space 3}-10.26472
{txt}{space 10}5  {c |}{col 14}{res}{space 2}-31.72375{col 26}{space 2} 11.86098{col 37}{space 1}   -2.67{col 46}{space 3}0.008{col 54}{space 4}-55.07069{col 67}{space 3}-8.376811
{txt}{space 10}6  {c |}{col 14}{res}{space 2}-29.08727{col 26}{space 2}  11.3877{col 37}{space 1}   -2.55{col 46}{space 3}0.011{col 54}{space 4}-51.50262{col 67}{space 3}-6.671927
{txt}{space 10}7  {c |}{col 14}{res}{space 2}-28.89628{col 26}{space 2} 13.06739{col 37}{space 1}   -2.21{col 46}{space 3}0.028{col 54}{space 4}-54.61789{col 67}{space 3}-3.174672
{txt}{space 10}8  {c |}{col 14}{res}{space 2}-20.44895{col 26}{space 2} 10.14588{col 37}{space 1}   -2.02{col 46}{space 3}0.045{col 54}{space 4}-40.41992{col 67}{space 3}-.4779776
{txt}{space 10}9  {c |}{col 14}{res}{space 2}-4.466924{col 26}{space 2} 12.01893{col 37}{space 1}   -0.37{col 46}{space 3}0.710{col 54}{space 4}-28.12477{col 67}{space 3} 19.19092
{txt}{space 9}10  {c |}{col 14}{res}{space 2} 1.114291{col 26}{space 2} 10.06465{col 37}{space 1}    0.11{col 46}{space 3}0.912{col 54}{space 4}-18.69679{col 67}{space 3} 20.92537
{txt}{space 12} {c |}
{space 7}_cons {c |}{col 14}{res}{space 2}-118.0346{col 26}{space 2} 47.55355{col 37}{space 1}   -2.48{col 46}{space 3}0.014{col 54}{space 4}-211.6382{col 67}{space 3}-24.43108
{txt}{hline 13}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{com}. predict Erro3, r
{txt}(45 missing values generated)

{com}. sktest Erro3
{res}
{col 21}{txt}Skewness/Kurtosis tests for Normality
{col 59}{hline 6} joint {hline 6}
{col 5}Variable {c |}        Obs  Pr(Skewness)  Pr(Kurtosis) adj chi2(2)   Prob>chi2
{hline 13}{c +}{hline 63}
       Erro3 {c |}{res}{col 16}       305{col 31}0.0001{col 45}0.5683{col 54}    14.13{col 72}0.0009

{com}. regress env_in vc_mod_tot vc_mod_bras i.year i.gics

{txt}      Source {c |}       SS           df       MS      Number of obs   ={res}       309
{txt}{hline 13}{c +}{hline 34}   F(15, 293)      = {res}     5.35
{txt}       Model {c |} {res} 63479.1954        15  4231.94636   {txt}Prob > F        ={res}    0.0000
{txt}    Residual {c |} {res} 231909.936       293  791.501488   {txt}R-squared       ={res}    0.2149
{txt}{hline 13}{c +}{hline 34}   Adj R-squared   ={res}    0.1747
{txt}       Total {c |} {res} 295389.131       308  959.055621   {txt}Root MSE        =   {res} 28.134

{txt}{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 1}      env_in{col 14}{c |}      Coef.{col 26}   Std. Err.{col 38}      t{col 46}   P>|t|{col 54}     [95% Con{col 67}f. Interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 2}vc_mod_tot {c |}{col 14}{res}{space 2} 5.177889{col 26}{space 2} 1.775054{col 37}{space 1}    2.92{col 46}{space 3}0.004{col 54}{space 4} 1.684417{col 67}{space 3} 8.671361
{txt}{space 1}vc_mod_bras {c |}{col 14}{res}{space 2} -1.40515{col 26}{space 2}  1.64881{col 37}{space 1}   -0.85{col 46}{space 3}0.395{col 54}{space 4}-4.650161{col 67}{space 3} 1.839862
{txt}{space 12} {c |}
{space 8}year {c |}
{space 7}2017  {c |}{col 14}{res}{space 2}-1.801406{col 26}{space 2} 5.378002{col 37}{space 1}   -0.33{col 46}{space 3}0.738{col 54}{space 4}-12.38582{col 67}{space 3} 8.783004
{txt}{space 7}2018  {c |}{col 14}{res}{space 2}-2.290153{col 26}{space 2} 5.260399{col 37}{space 1}   -0.44{col 46}{space 3}0.664{col 54}{space 4}-12.64311{col 67}{space 3} 8.062804
{txt}{space 7}2019  {c |}{col 14}{res}{space 2} .5475743{col 26}{space 2} 5.227244{col 37}{space 1}    0.10{col 46}{space 3}0.917{col 54}{space 4}-9.740131{col 67}{space 3} 10.83528
{txt}{space 7}2020  {c |}{col 14}{res}{space 2} 2.345405{col 26}{space 2} 5.220812{col 37}{space 1}    0.45{col 46}{space 3}0.654{col 54}{space 4}-7.929641{col 67}{space 3} 12.62045
{txt}{space 12} {c |}
{space 8}gics {c |}
{space 10}2  {c |}{col 14}{res}{space 2}-26.83995{col 26}{space 2} 9.656715{col 37}{space 1}   -2.78{col 46}{space 3}0.006{col 54}{space 4}-45.84527{col 67}{space 3}-7.834633
{txt}{space 10}3  {c |}{col 14}{res}{space 2}-15.32787{col 26}{space 2} 9.954946{col 37}{space 1}   -1.54{col 46}{space 3}0.125{col 54}{space 4}-34.92014{col 67}{space 3} 4.264388
{txt}{space 10}4  {c |}{col 14}{res}{space 2}-29.50854{col 26}{space 2} 10.92791{col 37}{space 1}   -2.70{col 46}{space 3}0.007{col 54}{space 4}-51.01569{col 67}{space 3}-8.001382
{txt}{space 10}5  {c |}{col 14}{res}{space 2}-38.79858{col 26}{space 2} 11.12466{col 37}{space 1}   -3.49{col 46}{space 3}0.001{col 54}{space 4}-60.69295{col 67}{space 3}-16.90421
{txt}{space 10}6  {c |}{col 14}{res}{space 2}-31.69306{col 26}{space 2} 10.18205{col 37}{space 1}   -3.11{col 46}{space 3}0.002{col 54}{space 4}-51.73229{col 67}{space 3}-11.65383
{txt}{space 10}7  {c |}{col 14}{res}{space 2}-32.69023{col 26}{space 2} 12.71581{col 37}{space 1}   -2.57{col 46}{space 3}0.011{col 54}{space 4}-57.71613{col 67}{space 3}-7.664325
{txt}{space 10}8  {c |}{col 14}{res}{space 2}-20.62759{col 26}{space 2} 9.913096{col 37}{space 1}   -2.08{col 46}{space 3}0.038{col 54}{space 4}-40.13749{col 67}{space 3}-1.117685
{txt}{space 10}9  {c |}{col 14}{res}{space 2}-12.41155{col 26}{space 2} 11.69132{col 37}{space 1}   -1.06{col 46}{space 3}0.289{col 54}{space 4}-35.42117{col 67}{space 3} 10.59807
{txt}{space 9}10  {c |}{col 14}{res}{space 2} 3.591044{col 26}{space 2} 9.725493{col 37}{space 1}    0.37{col 46}{space 3}0.712{col 54}{space 4}-15.54964{col 67}{space 3} 22.73172
{txt}{space 12} {c |}
{space 7}_cons {c |}{col 14}{res}{space 2} 37.44648{col 26}{space 2} 9.520956{col 37}{space 1}    3.93{col 46}{space 3}0.000{col 54}{space 4} 18.70834{col 67}{space 3} 56.18461
{txt}{hline 13}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{com}. predict Erro4, r
{txt}(41 missing values generated)

{com}. sktest Erro4
{res}
{col 21}{txt}Skewness/Kurtosis tests for Normality
{col 59}{hline 6} joint {hline 6}
{col 5}Variable {c |}        Obs  Pr(Skewness)  Pr(Kurtosis) adj chi2(2)   Prob>chi2
{hline 13}{c +}{hline 63}
       Erro4 {c |}{res}{col 16}       309{col 31}0.0000{col 45}0.3101{col 54}    16.38{col 72}0.0003

{com}. log close
      {txt}name:  {res}<unnamed>
       {txt}log:  {res}C:\Users\conta\OneDrive\Área de Trabalho\Doutorado\Empreendedorismo, inovação e desempenho (UFSC)\Artigo Emil\Resultado final.smcl
  {txt}log type:  {res}smcl
 {txt}closed on:  {res} 2 Sep 2021, 22:22:22
{txt}{.-}
{smcl}
{txt}{sf}{ul off}